Arena has changed the legal status of its parent company in Italy to a Società Benefit, a purpose-driven corporate model known worldwide as “Benefit Corporation.” The transition was made with the support of Italy-based NATIVA - Regenerative Design Company, which supports companies in a radical evolution towards regenerative economic models.
As such, Arena has incorporated the pursuit of non-profit status into its charter and transformed itself into a dual-purpose company, underlining its firm commitment to align its business objectives with the purpose of “deeply connecting the water element and people, involving them in an active lifestyle that improves their quality of life.” With the change in its legal status, Arena also undertakes to disclose the results achieved annually in its “Impact Report” and report on the social and environmental benefits.
In 2016, Italy was the first country after the USA to introduce a law allowing companies to adopt a Benefit Corporation’s status. The governance structure of these companies, of which there are more than 3,200 in Italy, requires managers to align the interests of shareholders with those of society and the environment.
As a Società Benefit, Arena aims to act in the interests of the common good and a socially responsible, sustainable and transparent manner towards its main stakeholders: people, the community, customers and the environment. Arena has formulated four main objectives:
- Create a working environment that allows employees and everyone in the company’s ecosystem to express their full potential, taking care of their well-being and sense of belonging.
- Work together with communities to develop strategies, projects and engagement plans that positively impact both people and the planet with a specific focus on the element of water.
- Improve the well-being and awareness of all the people who use the company’s products, in and out of the water, by promoting an active lifestyle and more sustainable behaviors for the planet.
- Make sustainability a fundamental part of the definition of quality, integrating it into product development processes and promoting a sustainable evolution of business models and operational processes in line with the European climate neutrality objectives and the Italian ecological transition objectives.
Arena was founded in 1973 and currently operates in 128 markets through a network of subsidiaries and distributors. Of the 431 employees, 67 percent are women; of Arena’s management, 30 percent are female. From 2023, 100 percent of the swimwear models will be made from recycled fibers. Next year, the same standard will apply to the swimwear collection. The brand recently published its first sustainability report entitled “Flip Turn,” which assesses its current social and environmental performance and charts a course for the future.
Paolo di Cesare, co-founder of NATIVA, which was the first Società Benefit in Europe and B Corp in Italy, explained: “It is remarkable that a company as outstanding as Arena has chosen to acquire the status of a ‘Società Benefit’ in its 50th year of existence. With humanity’s great challenges, we need strong leadership in the business world. Thus, Arena has laid the foundation for an even stronger governance framework to steer the sports and sportswear industry in a new direction, where innovation means both performance and sustainability.”
Peter Graschi, CEO of Arena, commented: “Changing our status to Società Benefit sends an important message to our stakeholders that we want financial profit to go hand in hand with positively impacting society. Our focus will continue to be the element of water, as demonstrated by our new brand platform ‘Planet Water,’ which centers around our community’s emotional connection to water.”
